Pakistan’s benchmark KSE-100 Index surged to 178,606 points, gaining 2.80% from the previous session, according to the supplied market data. The index had advanced by more than 4,500 points by mid-session, reflecting strong buying at the Pakistan Stock Exchange. It has climbed 7.89% over the past month and gained 12.85% year over year, highlighting renewed momentum in Pakistan’s equity market.

Pakistan’s KSE-100 Index extended its rally, gaining 7,477 points, or 4.5% week-on-week, to close at 173,886. Average trading volume rose 43% to 856 million shares, while traded value increased 24% to US$103 million. Falling oil prices and domestic fuel price cuts eased some inflation and external account concerns. October CPI slowed to 9.6%, and SBP-held foreign exchange reserves increased to US$21.56 billion. Investors also tracked the IMF’s call to broaden Pakistan’s tax base, the government’s stated intention to abolish the super tax, rising public debt, and proposed energy tariff increases.

Ningbo Green Light Energy Limited has become Pakistan’s first company to go public through a special purpose acquisition company route. Listed on the Pakistan Stock Exchange’s Main Board, NGLEL completed its listing through a merger with LSE SPAC-I Limited, whose shareholders received 1.50 NGLEL shares for each SPAC-I share. LSE SPAC-I was delisted after the merger. CEO Muhammad Qasim said the company’s 26 million-share public offering was oversubscribed within two hours. NGLEL imports, distributes and sells renewable energy solutions, including solar panels, inverters, batteries and battery energy storage systems.